How important do you think data analytics are for your organization? As technology advances and new solutions become available, it can be hard to tell which will have lasting relevance in the dental industry. Some practices decide to stay with their current methods of gathering and interpreting data to inform their decisions — but it could cost them. Here are four costs you could already be paying without realizing it:
1. Losing Patients to Your Competitors
Any dental practice with a practice management system is likely already collecting data that could inform their marketing and patient retention strategies, but not all practices know how to leverage it. Missing the chance to use this data can become a costly disadvantage in today’s competitive dental market.
The right data analytics platform can make a big difference in attracting and retaining patients by informing almost every aspect of the patient experience, from marketing and appointment booking to billing and collections. Practices with data analytics platforms can easily access key metrics that give them a window into how their patient engagement efforts are (or aren’t) working in real time. They can even access data outside their own organization by integrating third-party data from Google Adwords and other external sources. When it comes to retaining current patients and attracting new ones, data-driven strategies can make the difference between growing your practice and losing patients to competitors.
2. Wasted Time Spent Gathering and Interpreting Data
Manually sorting, exporting, and combining data reports is a time-consuming task, and it could be costing you more than you think. Instead of paying your team to do repetitive tasks, you could free them up to focus on the uniquely human work of providing a great patient experience.
Data analytics software runs in the background while you and your team go about daily operations without adding any interruptions or new tasks to your day. It automates data reporting, eliminating the need to manually complete tedious analysis that leaves your data vulnerable to error and misinterpretation. How many other tasks does your team complete daily that could be made more efficient by smart technology?
3. Unnecessary Software Expenses
Keith Miller, President and CEO of Partnerships for Dentists (P4D), believes DSOs can save millions of dollars on software and IT costs by using a dental data analytics platform. Whether your organization is a large DSO, group practice, or solo private practice, a dental data analytics platform has the potential to save you money by bringing every aspect of your practice management together in one place. This eliminates the need to spend money on business intelligence and IT services that only provide a portion of the same services.
4. Missed Opportunities to Create Efficiencies and Boost Profits
When you’re immersed in the daily operations of your business, it can be easy to lose sight of the big picture. Without data-driven insights to bring things back into focus, you could be missing out on opportunities to save money and run your practice more efficiently.
Smart technology can make all the difference – early adopters across different industries are already seeing positive results: according to a 2019 survey, 62% of businesses that made data investments said they saw measurable improvements as a result. Data analytics software keeps your most important metrics in easy reach while highlighting expenses and opportunities that could otherwise be hard to measure. For example, smart technology can:
Without data-driven insights, your practice management decisions can only be guided by past experience, anecdotal evidence, and traditional data analytics. Practices operating without real-time data on what works and what doesn’t are at risk of continually investing in strategies that will never generate the return they are hoping for.
Start Saving with Jarvis Analytics
It’s time to stop paying the hidden costs of operating your business without data-driven insights and strategies. Jarvis Analytics is the all-in-one platform that some of the biggest names in the dental industry trust to help turn their data into dollars. With seamless integration with multiple practice management systems, real-time data syncing, and a library of 50+ specific KPIs for every aspect of your organization, Jarvis Analytics makes it easy to get the insights you need to help your business thrive.
Ready to start saving money with data-driven strategies? Request a demo or contact the sales team today to learn how Jarvis Analytics can empower you to cut unnecessary costs and boost efficiency to reach your financial goals.